July 25, 2022
According to recent study, this year’s record-breaking trend of over 4 million people quitting their employment per month in the U.S. won’t be ending anytime soon.
According to a McKinsey and Company analysis released last week, which polled more than 13,000 people worldwide between February and April, including 6,294 Americans, almost 40% of workers are considering leaving their current positions in the next three to six months.
About half of job-seekers change industry.
According to the study, almost 48% of those who left their jobs looked for new possibilities in other sectors.
Dowling identifies two causes of this exodus: exhaustion brought on by the pandemic and increased likelihood of landing a higher-paying job in a competitive labor market.
While this pattern has likely given HR departments across the U.S. a lot of issues, it has also allowed job seekers to seize new possibilities that might not have been accessible prior to the pandemic. At the same time, businesses continue to struggle to recruit and retain personnel.
Some fields are losing talent more quickly than others: Compared to 54 percent of workers in the health care and education sectors, more than 60 percent of those who left their positions in the consumer/retail and finance/insurance sectors either shifted industries or left the workforce entirely.
Nearly half (47%) of those who left their jobs without finding new ones made the decision to go back to work, but only 29% did so in a regular, full-time position, the study finds. These numbers are based on data from a McKinsey & Co. poll conducted in March of 600 American workers who voluntarily quit their jobs without a backup plan.
The remaining 18% of people either decided to start their own business or found a new job with fewer hours through temporary, gig, or part-time work.
Source: CNBC
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